Greystar Remains the Top Multifamily Management Group

Top Multifamily Groups

Top Multifamily Management Groups

According to the National Multifamily Housing Council (NMHC) Top 50 Managers list released recently, Greystar continues to be the leading multifamily operator in the US. Over the past 12 years, the company has managed over 726,826 apartments and added more than 25,000 units. Lincoln Property Co., which was recently sold, remains Dallas’ No.2 apartment manager with 213,900 apartments.

Asset Living, based in Houston, has leapfrogged Dallas-based Cushman & Wakefield to claim the third spot with 202,748 units on the list. This is the largest increase in apartments in the industry in 2022, with Asset Living adding over 40,000 apartments. With 159,248 units, Folsom, California-based FPI Management remained in fifth place. Overall, less than 20% of the apartment stock is currently the NMHC’s Top 50 managers, indicating a consolidation among the largest apartment operators.

The Big Companies Get Even Larger

Since smaller property managers struggle to gain the necessary scale in today’s high-tech environment, it shouldn’t be surprising to see the big companies become even more influential. Companies in the top 10 all gained units last year, while only a few companies in the Top 50, primarily those owners that operated their own apartments, saw units under management decline.

The Altman Cos. Partners with RAM Partners

In recent months, the Fort Lauderdale, FL-based developer, builder, and manager The Altman Cos. partnered with Atlanta-based RAM Partners to manage residential properties. Additionally, back-office management services are provided by NMHC at 25 on the Top 50 with 62,716 units. As Altman’s chief investment officer, Tim Peterson said, “We’ve been very focused on providing our residents with an exceptional living experience.” “It became harder and harder to have the infrastructure that we thought was necessary in the back office to provide that experience to our residents and also to our associates.”

NMHC Releases Top 50 Managers List

According to the NMHC’s Top 50 Managers List for 2023, Atlanta-based Cortland was ranked as No.15, Boston-based Berkshire Residential Investments was ranked No.45, American Landmark was ranked No.49, and Charlotte-based RKW Residential was ranked No.50. With 148,603 apartments, Austin-based RPM Living climbed to No.6. With 99,676 apartments, Memphis-based REIT MAA slipped to No.11.

Summary of Multifamily Management Groups at the Moment

Thus, the NMHC’s Top 50 Managers list reaffirms the dominance of the leading US multifamily operators. In order to beat the competitive market, smaller property managers need to partner with third-party companies or consolidate. In order to stay competitive, companies must adapt to the rapidly changing industry.

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